Accounting equation forms the basis of the accounting process. Prove that the accounting equation is satisfied in all following transactions c) Paid rent Rs. 500 b) Purchased goods on credit Rs. 6,500 d) Sold goods costing Rs. 6,500 on credit for Rs. 8,000

The accounting equation is balanced and shows that assets are equal to liabilities plus the owner’s equity. Business transactions recorded using the equation __________.a.)ensure that each part of a journal entry is correctb.)require an owner’s equity account to balancec.)are limited to two accounts for each entry to balanced.)form the basis for all accounting transactions in a single entry system

sole trader sells goods for cash for $500 which had cost of $300. Which elements of the accounting equation will change due to this transaction?Question 1Answera.Capital and liabilitiesb.Assets onlyc.Assets and liabilitiesd.Assets and capital

The effect of a transaction to accounting equation is given below.Assets = Equity + Liabilities- = -5000 + 5000Above transaction could be1. Settling a creditor for Rs. 5000 by owners personal money.2. Purchasing goods for Rs. 5000 on credit3. Obtaining a bank loan for Rs. 50004. Receiving a discount for Rs. 5000 when settling a creditor5. Receiving the monthly electricity bill for 5000 (…..)

The accounting equation can be written as:Question 14Answera.Assets - Liabilities - Opening Capital + Drawings = Profitb.Assets + Profits - Drawings - Liabilities = Closing Capitalc.Assets - Liabilities - Drawings = Opening Capital + Profitd.Opening Capital + Profit - Drawings - Liabilities = Assets

As which one of the following can the accounting equation be rewritten as?Group of answer choicesA. Assets –liabilities – operating capital + drawings = operating profitsB. Assets - profit –drawings = closing capital – liabilitiesC. Assets + profits – drawings – liabilities = closing capitalD. Assets – liabilities – drawings = operating capital + profits